Sec. 201C. PROHIBITION ON TRANSACTIONS WITH CERTAIN SANCTIONED PERSONS BY PERSONS OWNED OR CONTROLLED BY UNITED STATES FINANCIAL INSTITUTIONS
332 words·~2 min read·
/statute-compilations/comps-11985/sec-201cA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 201C PROHIBITION ON TRANSACTIONS WITH CERTAIN SANCTIONED PERSONS BY PERSONS OWNED OR CONTROLLED BY UNITED STATES FINANCIAL INSTITUTIONS **[**[22 U.S.C. 9221c](/us/usc/t22/s9221c)**]** ###
(a)In General Not later than 180 days after the date of the enactment of the Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act of 2019, the Secretary of the Treasury, in consultation with the Secretary of State, shall prohibit an entity owned or controlled by a United States financial institution and established or maintained outside the United States from knowingly engaging in any transaction described in subsection
(b)directly or indirectly with the Government of North Korea or any person designated for the imposition of sanctions with respect to North Korea under— ####
(1)subsection (a), (b), or
(g)of section 104; ####
(2)an applicable Executive order; or ####
(3)an applicable United Nations Security Council resolution. ###
(b)Transactions Described A transaction described in this subsection is a transaction that would be prohibited by an order or regulation issued pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) if the transaction were engaged in in the United States or by a United States person. ###
(c)Civil Penalties The civil penalty provided for in section 206(b) of the International Emergency Economic Powers Act (50 U.S.C. 1705(b)) shall apply to a United States financial institution to the same extent that such penalty applies to a person that commits an unlawful act described in section 206(a) of that Act if an entity owned or controlled by the United States financial institution and established or maintained outside the United States violates, attempts to violate, conspires to violate, or causes a violation of any order or regulation issued to implement subsection (a). ###
(d)United States Financial Institution Defined In this section, the term “**United States financial institution**” has the meaning given the term “U.S. financial institution” in section 510.328 of title 31, Code of Federal Regulations (or any corresponding similar regulation or ruling).
Connectionstraces to 3
Citation graph
cites case law
Sec. 201C
PROHIBITION ON TRANSACTIONS WITH CERTAIN SANCTIONED PERSONS BY PERSONS OWNED OR CONTROLLED BY UNITED STATES FINANCIAL INSTITUTIONS
Cites 3Cited by 0 across 0 sources